U.S. Bank Overdraft Fee Class Action Lawsuit Settlement – $55 Million
The most recent settlement in the multidistrict litigation over overdraft fees is U.S. Bank. The U.S. Bank Overdraft Fee Class Action Lawsuit Settlement amount is $55 million. The reason for this is because the banks involved manipulated the way the customers’ debit card transactions would show up to take advantage of the highest fees that the customers would have to pay. Basically what happened here is that the banks would post the transactions in the order of highest transaction to lowest transaction regardless of the actual order in which these transactions were made. This is illegal and the reason that the banks did it was so that they would get the most overdraft fees from the customers.
The other banks involved in these kind of practices and who have settled include Bank of America. Bank of America settled for $410 million. This was approved last year. JP Morgan Chase settled for $110 million, Citizens Bank settled for $137.5 million, TD Bank settled for $62 million and PNC Bank settled for $90 million. The Multidistrict Litigation or MDL involves more than 30 banks. The litigation is entitled In re Checking Account Overdraft Litigation.
The preliminary approval of the U.S. Bank Overdraft Fee Class Action Lawsuit Settlement will be in 90 days. So this means that right now there is not much information on this settlement. Once it has been approved, there will be more information available so that you can find out what you need to do in order to get some compensation if you were affected. Usually if you are involved, you will get some kind of letter or notice in the mail. Keep a look out for this as there will be a settlement URL that you will need to go in order to access the legal documents that you may want to read or download and print.
If for some reason you do not get anything in the mail, you can also check online to see if there is any more information. Usually typing the name of the settlement will pull something up that will be of benefit to you. It is a shame that the banks are doing this to you. I am extremely glad for these settlements as it goes to show that banks cannot take advantage of the innocent customers. This has happened to me and it got me very upset.
Usually I do not check my bank account but one day I did and was shocked to discover what was going on. Luckily I had just made a transaction and when I checked, I realized that there was something wrong in the way the transactions were ordered. I was very upset and wondered how long this practice had been going on before I caught it. Imagine if I had never checked. I would not have known anything was wrong and would not have called them on it.
I am glad that all the customers in all the banks involved will be getting some kind of monetary compensation from the banks. I was also very upset when they decided to change the due dates of bill payments on credit cards. I would pay the balances on a certain date every month so that I would not be late but one day I realized that they had charged me late fees. I called to find out what was going on and they told me that they had changed the date of when the bills were due. They had changed the date so that I would be considered late if I paid it on the date that I was used to paying it. I was really really angry as I had been paying late fees for months and months without even realizing it.
So that is the thing that I am very wary of these days. I always check transactions and I always check the credit card due dates so that they do not change on me again. It is too bad that these companies trick you into paying more than you should be paying. I never received a call about this but they would call me on other things if they need more money. I think this is really sick. So if you bank at U.S. Bank and have been charged extra overdraft fees, then you should take part and get some of your money back.
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